Fertilizer Market Projected to Witness a Double-Digit CAGR During 2021-2026
July 27, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Fertilizer Market.
It was estimated prior to this unanticipated outbreak that the Fertilizer Market is likely to witness a CAGR of 3.3% during the forecast period. Rapidly growing population and its increasing demand for food, water-soluble, and organic fertilizers are the major factors fueling the growth of the market during the forecast period.
Market Scope & Segmentation
Fertilizer is a type of chemical or natural substance added to soil or land in order to increase its fertility i.e. to increase its ability to support the growth of the plant.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Segments' Analysis
Based on the form type, the market is segmented as dry and liquid. The dry form of fertilizers is expected to witness significant growth rate in the market during the forecast period owing to the cost-effective and easy storage nature of dry fertilizers. These fertilizers can form fertilizer blends and are more efficient for heavy pre-plant applications as they offer slow-release options, which help in feeding crops longer into the season, accelerating the segment’s growth during the forecast period.
Based on the product type, the market is segmented as organic and inorganic. The organic segment is further categorized into plant-based, animal-based, and mineral-based fertilizers. Organic product type is estimated to register high growth during the forecast period. The growth of the segment is attributed to the provision of slow feed for plants and enhancement in water holding capacity of plants in addition to soil structure and tilth.
Based on the application type, the market is segmented as agriculture, horticulture, gardening, and others. Agriculture is estimated to account for the major share of the market during the forecast period owing to the fast implementation and easy adoption of fertilizers in the agriculture industry. Growing product demand from Asia-Pacific, Europe, and Africa for producing wheat, barley, maize, etc., and the usage of fertilizers in the agricultural fields so as to supply the needed elements which are usually found naturally in the soil is further expected to fuel the overall market growth over the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest region in the market owing to rapid growth in population and increasing demand for food in the region during the forecast period. Further, growing demand for fertilizers in various countries of the region, such as China, India, Pakistan, Bangladesh and Vietnam, and increasing investments and government subsidies in the fertilizer sector are the other major factors expected to fuel the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Key players operating in the global Fertilizer market are-
• Bunge India Private Limited
• CF Industries Holdings, Inc.
• Haifa Group
• Indian Farmers Fertiliser Cooperative Limited
• Israel Chemicals Ltd.
• Nutrien Ltd.
• Sumitomo Chemical Co., Ltd.
• The Mosaic Company
• The Syngenta Group
• Yara International ASA
